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Sirius Real Estate: Update
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== Acquisitions and disposals update == On 4th October 2022, Sirius Real Estate announced that it has completed three acquisitions in Germany, for €44.6 million. These acquisitions were all notarised prior to the end of June and have been predominantly funded using capital recycled from three strategic disposals in Germany and the UK for a combined €33.6 million. The disposals have been made at a premium to book value. The three disposals were of assets that offered limited further growth opportunities due to location and/or condition, and comprised: The notarisation of a €1.0 million 3,200 sqm non-income producing land plot in Heiligenhaus, Germany which had a book value of €250,000 at the time of notarisation. This asset is being sold to a supermarket chain as part of its expansion plans, with the transaction expected to complete in January 2023. The three new acquisitions totalling €44.6 million currently generate a combined total of €2.3 million of rental income and €1.6 million of net operating profit annually. The three acquired assets have a combined occupancy of just 54% and offer a range of avenues for Sirius to leverage its significant value creation expertise to grow rental income. The acquired assets comprise: # A €39.8 million (including costs) mixed-use property in Düsseldorf, Germany, situated 2.6 km from the city's international airport. The property comprises mainly office and warehouse/light industrial space and is 55% occupied, offering good value add potential. # A €3.9 million (including costs) primarily warehouse asset located in a well-developed commercial area in Dreieich, Germany, that is strategically adjacent to an existing property owned by Sirius. We intend to convert the property into a self-storage facility, adding to our existing SmartSpace Self-Storage brand that now exists in 32 locations across Germany. # A €0.9 million (including costs) small 239 sqm vacant office building in Potsdam. The property is placed strategically at the entrance to one of the Company's existing sites and directly adjacent to the world famous Babelsberg Film Studios. The company said that it has identified a number of asset management initiatives within the three newly acquired properties which will allow it to grow rental income and occupancy by leasing into markets where it sees continued strong demand for its products. The company added that it expects to slow its acquisition pipeline, and that it will also continue to seek to dispose of non-core or mature assets as and when it feels the timing is right.
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